Sensex climbs 423 points in early trade Nifty above 17250
Mumbai Apr 21 PTI Equity benchmark Sensex jumped 42314 points in early trade on Thursday led by strong gains index major Reliance Industries Bajaj Finserv and Asian Paints amid a mixed trend in global markets The BSE benchmark Sensex was trading 42314 points higher at 5746064 The Nifty gained 11725 points to 1725380From the 30-share Sensex pack IndusInd Bank Reliance Industries Asian Paints Bajaj Finserv Dr Reddys and MM were among the major gainersIn contrast Nestle Tata Steel HCL Technologies and Axis Bank were the laggardsHalting its five-day fall on Wednesday the BSE Sensex closed 57435 points or 102 per cent higher at 5703750 The NSE Nifty surged 17790 points or 105 per cent to 1713655Meanwhile in Asia markets in Tokyo and Seoul were trading in the green while Hong Kong and Shanghai were quoting lower in mid-session dealsStocks in the US had ended on a mixed note on WednesdayMarkets often overreact both on the upside and downside As sanity sets in prices normalise The stretched valuations of IT stocks particularly in the mid-cap space were the consequence of the market overreacting to excellent results and good earnings visibilitySlight disappointments in expectations swing the pendulum to the other side depressing prices Even though there is some margin pressure in IT results of mid-cap IT stocks indicate that earnings momentum is strong according to VK Vijayakumar Chief Investment Strategist at Geojit Financial ServicesHe further added that similarly the relentless selling in HDFC twins by FIIs and shorting by bears who swim with the FII current have created another case of overreaction depressing prices to fundamentally unjustifiable levelsInternational oil benchmark Brent crude gained 116 per cent to USD 108 per barrelForeign institutional investors continued their selling spree offloading shares worth a net Rs 300926 crore on Wednesday according to stock exchange data PTI SUM SUM BAL BAL BAL
Mumbai Apr 21 PTI Equity benchmark Sensex jumped 42314 points in early trade on Thursday led by strong gains index major Reliance Industries Bajaj Finserv and Asian Paints amid a mixed trend in global markets The BSE benchmark Sensex was trading 42314 points higher at 5746064 The Nifty gained 11725 points to 1725380From the 30-share Sensex pack IndusInd Bank Reliance Industries Asian Paints Bajaj Finserv Dr Reddys and MM were among the major gainersIn contrast Nestle Tata Steel HCL Technologies and Axis Bank were the laggardsHalting its five-day fall on Wednesday the BSE Sensex closed 57435 points or 102 per cent higher at 5703750 The NSE Nifty surged 17790 points or 105 per cent to 1713655Meanwhile in Asia markets in Tokyo and Seoul were trading in the green while Hong Kong and Shanghai were quoting lower in mid-session dealsStocks in the US had ended on a mixed note on WednesdayMarkets often overreact both on the upside and downside As sanity sets in prices normalise The stretched valuations of IT stocks particularly in the mid-cap space were the consequence of the market overreacting to excellent results and good earnings visibilitySlight disappointments in expectations swing the pendulum to the other side depressing prices Even though there is some margin pressure in IT results of mid-cap IT stocks indicate that earnings momentum is strong according to VK Vijayakumar Chief Investment Strategist at Geojit Financial ServicesHe further added that similarly the relentless selling in HDFC twins by FIIs and shorting by bears who swim with the FII current have created another case of overreaction depressing prices to fundamentally unjustifiable levelsInternational oil benchmark Brent crude gained 116 per cent to USD 108 per barrelForeign institutional investors continued their selling spree offloading shares worth a net Rs 300926 crore on Wednesday according to stock exchange data PTI SUM SUM BAL BAL BAL
